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The revenue dip Iowa casinos felt in April didn’t last long.
According to the latest data from the Iowa Racing and Gaming Commission (IRGC), the state’s 19 casinos generated $148.8 million in adjusted gross revenue (AGR) in May, up 2.4% from April and 3.5% from May 2023.
Key takeaways
- Based on countrywide averages, Iowa online casinos could generate more than $50 million in revenue in a good month.
- Iowa casinos logged $148.8 million in revenue in May, up around $5 million from April.
- The state’s top three casinos accounted for more than have of the monthly revenue growth.
Do online casinos have a chance in Iowa?
Any discussion of casino revenue isn’t quite complete without an overview of where online casinos stand in a state. Currently, seven states have online casino gaming; Iowa is not one of them.
A legislator tried to get Iowa online casinos legalized earlier this year but failed. The main roadblock? Online casinos don’t have the support of all the land-based casinos in the state.
At this point, there’s no telling when online casinos could go live in Iowa. It’s promising that bills for online casinos have been introduced; some states can’t even make it that far. In the meantime, Iowa casinos are losing out on considerable tax revenue.
Based on April revenue numbers from the seven states that offer online casinos, Iowa could generate more than $50 million in revenue in a good month:
| State | March online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $212,212,613 | 13 million | $16.32 |
| Michigan | $192,934,494 | 10 million | $19.29 |
| New Jersey | $193,804,749 | 9.3 million | $20.84 |
| Connecticut | $42,584,721 | 3.6 million | $11.83 |
| West Virginia | $17,797,826 | 1.8 million | $9.89 |
| Delaware | $4,400,00 | 1 million | $4.40 |
| Average | $110,622,401 | 6.5 million | $17.02 |
| Iowa | $54,464,000 | 3.2 million | $17.02 |
Analysis of Iowa casino revenue in May
May was a strong month across the board for Iowa casinos. Fifteen out of 19 properties posted positive revenue gains, as noted on the IRGC’s May 2024 Gaming Revenue Report.
Q Casino led the way with a 16.9% spike, followed by Harrah’s Council Bluffs at 13.5% and Wild Rose Emmetsburg at 9.8%.
| May 2024 Revenue | April 2024 Revenue | % Change, Month-on-Month | |
|---|---|---|---|
| Prairie Meadows Racetrack & Casino | $21,245,088 | $19,983,660 | 6.3% |
| Ameristar II | $16,464,913 | $15,230,858 | 8.1% |
| Horseshoe Casino Council Bluffs | $15,825,476 | $15,542,352 | 1.8% |
| Riverside Casino and Golf Resort | $10,911,705 | $10,892,624 | 0.2% |
| Rhythm City Casino | $9,995,669 | $9,437,242 | 5.9% |
| Diamond Jo (Worth) | $9,194,868 | $9,469,973 | -2.9% |
| Grand Falls Casino Resort | $8,297,789 | $8,256,593 | 0.5% |
| Hard Rock Casino | $7,863,157 | $8,085,606 | -2.8% |
| Isle Casino Hotel Waterloo | $7,587,627 | $7,969,700 | -4.8% |
| Diamond Jo (Dubuque) | $7,029,781 | $6,992,929 | 0.5% |
| Harrah’s Council Bluffs Casino & Hotel | $6,428,317 | $5,663,135 | 13.5% |
| Isle of Capri (Bettendorf) | $5,465,060 | $5,467,218 | 0.0% |
| Lakeside Casino | $4,352,919 | $4,186,296 | 4.0% |
| Q Casino | $3,975,549 | $3,400,019 | 16.9% |
| Catfish Bend | $3,688,863 | $3,386,585 | 8.9% |
| Wild Rose (Jefferson) | $3,199,281 | $2,998,584 | 6.7% |
| Wild Rose (Emmetsburg) | $2,788,412 | $2,540,592 | 9.8% |
| Wild Rose (Clinton) | $2,709,434 | $2,728,883 | -0.7% |
| Casino Queen (Marquette) | $1,726,765 | $1,607,663 | 7.4% |
| Total | $148,750,673 | $143,840,512 | 3.4% |
The state’s top three revenue earners fueled May’s AGR bounce-back. Prairie Meadows, Ameristar II and Horseshoe Casino Council Bluffs combined for $2.8 million in monthly AGR growth, which accounted for more than half of the state’s overall AGR increase from Iowa’s April 2024 gaming revenue.
Year on year, casino revenue was up $5.1 million, rising from $143.7 million in May 2023 to $148.8 million this past month.
